How machine learning will transform hospitality

‘Using machine learning-based RMS, revenue managers no longer need to be involved in the manual implementation of revenue management tasks’ The hospitality industry has not always been at the forefront of high-tech innovation or implementation. Until recently, most of the bookings, transactions and administrative tasks at a hotel were handled manually. Revenue management – the process by which a revenue manager determines the best room rate at a given time in order to maximise bookings and revenue – was a particularly difficult task. Revenue managers had to manually collect, review and analyse numerous data sets each time the rate needed to be updated, and then calculate the ideal room rate based on those variables. Even before the internet, this was a very time-consuming task, which meant that revenue managers could…